South Korea and Iran agreed on a revised memorandum of understanding (MOU) on Wednesday to expand cooperation in the information and communications technology (ICT) sector, announced Seoul's Science Ministry.
The revision was signed by Science, ICT and Future Planning Minister Choi Yang-hee and Iranian Minister of Communications and Information Technology Mahmoud Vaezi in Seoul, according to the Ministry of Science, ICT and Future Planning, Yonhap reported.
South Korea first signed the accord with Iran in 1990 before sanctions against Tehran were imposed.
The two ministers agreed on the need to restore a cooperation channel to promote partnerships in science and technology, officials said.
The ministry said it will reopen a joint science-technology committee, which has been suspended since 2004, as soon as possible.
The ministry will try to actively use the partnership as an opportunity for South Korean advanced technology and ICT firms to tap into Iran, it added.
"I ask the Iranian government to largely support South Korean firms making inroads into Iran with a huge potential in the ICT sector" Choi said.
Choi also urged the Iranian government to take follow-up measures on MOUs signed during President Park Geun-hye's landmark trip to Tehran in May.
The Electronics and Telecommunications Research Institute (ETRI) of South Korea inked an MoU with TEM Invest Co. — a top Iranian firm specializing in ICT investment — on strategic partnerships. The Korea Research Institute of Bioscience and Biotechnology also agreed to push for joint research projects with the University of Tehran.
The Iranian minister also visited the headquarters of major tech firms, including Samsung Electronics Co., during his trip, officials said.
Iran's ICT market was valued at $17.9 billion in 2014 and it's expected to grow to $29.8 billion in 2020.
